1. What is the NQR solution?

They are barcode-like tokens that mask data. These tokens are then used for data transmission for payment authentication.


2. Who are the users of the NQR Solution?

The users are:

  1. Financial Institutions / Banks
  2. PSSPs. 
  3. Merchants. 
  4. Data Subject /BVN Enrollee. 


3. What are the Types of NQR ? 

  1. Static NQR: they are re-usable QRs that can also be printed.

        2. Dynamic NQR: API driven QR code that expires after 10 minutes 

 

4. What are the benefits of NQR? 

The NQR Solution allows for:

  1. Instant value/credit to the Merchant’s Bank Account for all transactions done.
  2. Lower pricing for the Customers.
  3. A reconciliation portal for the merchant and the bank 
  4. Payment using NQR is full proof and secure. 

 

5. What is the role/ functions of the Financial Institutions (Banks)/ PSSPs?


The Financial Institutions are to:

  •  Banks integrate to the service and deploy to their APPs to enable customers issue or make payments using NQR functions on their mobile APPs.
  •  Banks Onboard merchants to the service and generate NQR codes for them to acquire NQR transactions/ Receive payments using NQR.
  • PSSPs are expected to Deploy QRs at Agent locations for customers to be able to make payments.

6. How are Amounts Displayed for Payment? 

Payments are displayed as:

  1. Fixed: to be paid as displayed 
  2. Static – Variable: Gives the ability for the customer to input amount 
  3. Dynamic: amount is displayed but times out after a while.


7. As an institution, how do I onboard on NQR for my Merchants? 

The institution is expected to provide necessary information to be onboarded on the NQR portal to acquire transactions and integrate to the service APIs and deploy on APPs for customers to make payments using the service. 

 

 

8. How do I get my QR code as a Merchant on this solution? 

The merchant provides details required to their banks and are profiled on the NQR portal. The institution is also expected to created Sub-merchants under the merchants for which QR codes can be generated.

 

9. What is the pricing model for NQR transactions? 

The pricing model as well as the sharing formula is captured in the NIBSS pricing Compendium.